Iran (General) Tehran Stock Exchange hits 5-year low

Tehran Stock Exchange hits 5-year low

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ImageAP: The Tehran Stock Exchange's index has plummeted to its lowest level in five years.

The Associated Press

ImageTEHRAN, Iran (AP) — The Tehran Stock Exchange's index has plummeted to its lowest level in five years.

The official Web site of the market reports that the index fell to 8,974, dropping below the symbolic 9,000 level for the first time since 2003.

The index has fallen 18 percent since October, when it was at 11,000.

Sunday media reports attributed the drop to the falling prices of commodities.

Most of the companies listed on the exchange are producers of steel, copper and chemicals.

The Tehran Stock Exchange has a $50 billion market cap. It was not directly affected by the international financial meltdown mostly due to the isolation of Iran's financial market.

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